From the desk of Tom Bruni @BruniCharting
Bonds, Gold, and Defensive Stocks like Utilities, and Cash have been our defensive playbook for the last month.
We’ve made it clear over the last few weeks that we don’t want to be long stocks given current conditions and think there’s downside risk from a short-term perspective, despite the structural picture remaining largely unscathed.
Given last week’s slight downside follow-through in US Stocks, I wanted to share two breadth charts from our Market Internals Chartbook that summarizes current conditions well.